Financial Highlights

KUALA LUMPUR (Nov 12): AllianceDBS Research said Malaysia Steel Works (KL) Bhd (Masteel) had on Nov 9 traded lower to 48.5 sen before settling near the day’s low at 49 sen (down 1.5 sen or 2.97%).

In its evening edition last Friday, the research house said Masteel continued to trade below the 20-day (blue) and 50-day (red) moving average lines.

“Following the down close on Nov 9, the stock is likely to move lower with immediate support at 47.5 sen.

“A fall below 47.5 sen should see further price decline to the subsequent support at 44.5 sen.

“The hurdle is pegged at 52 sen. A rise above 52 sen would lift the stock to the next resistance at 56 sen,” it said.

AllianceDBS Research said stock volume traded on Nov 9 was 2.17 million shares compared to the 3-month average volume of 6.19 million shares.